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Poole College of Management
Enterprise Risk Management Initiative

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Dec 1, 2009

A Balance Between Bureaucracy and Personalization

Neil Baker explores how the economic downturn exposed flaws in traditional risk management systems. Highlighting Bristol-Myers Squibb and The Home Depot, Baker illustrates the effectiveness of simple, personalized approaches to risk management over complex bureaucratic systems.

Sep 1, 2008

Managing Risks for Comparative Advantage: Five Steps to Better Risk Management

This articles highlights a five-step process to help companies make changes to better their approach to risk management in response to the developments occurring in the corporate approach to risk management: 1. Identify and understand your major risks; 2. Decide which risks are natural; 3. Determine your capacity and appetite for risk; 4. Embed risk in all decisions and processes; and 5. Align governance and organization around risk.

Sep 1, 2007

ERM in Higher Education

This document provides guidance for the embrace of Enterprise Risk Management (ERM) in Higher Education. While this is not a step-by-step guide on how to implement ERM at any specific institution, it does provide a good overview of the ERM process, where to begin, and best resources available for structuring and implementing an ERM framework. The document also summarizes examples of ERM at several institutions of higher learning.

Sep 30, 2005

Evolution of ERM

Business professionals have varied personal definitions of enterprise risk management (ERM) based on their limited exposure to the new idea and their specific encounters with its effects given their roles within their companies. However, in order to better understand risk management, and especially ERM, risk itself must be better understood with greater uniformity than that with which it has been understood in the past. Misconceptions have kept business professionals from understanding risk as measurable in both negative and positive outcomes, as existent even without the occurrence of an event, and as affective of businesses in many areas, not just in the consideration of insurance.

Oct 1, 2004

The Orange Book: Management of Risk – Principles and Concepts

The original Orange Book was published by the British government in 2001 to promote more robust risk management practices in government sectors. Since 2001, organizations have begun to now have basic risk management processes in place. The risk management challenge is no longer in the initial identification and analysis of risk and the development of the risk management process. Rather, the challenge today is in the ongoing review and improvement of risk management. Thus, the British government issued this 2004 revision of The Orange Book to include more advanced guidance, such as the importance of “horizon scanning” (a systematic activity designed to identify indicators of changes in risk). This document also examines how the organization’s risk management activities relate to the wider environment in which it functions.

Sep 1, 2004

COSO’s “Enterprise Risk Management – Integrated Framework”

"This Enterprise Risk Management – Integrated Framework expands on internal control, providing a more robust and extensive focus on the broader subject of enterprise risk management. While it is not intended to and does not replace the internal control framework, but rather incorporates the internal control framework within it, companies may decide to look to this enterprise risk management framework both to satisfy their internal control needs and to move toward a fuller risk management process. Among the most critical challenges for managements is determining how much risk the entity is prepared to and does accept as it strives to create value. This report will better enable them to meet this challenge."

May 1, 2003

Casualty Actuarial Society’s Overview of Enterprise Risk Management

"This document is intended primarily to further the risk management education of candidates for membership in the Casualty Actuarial Society (CAS). Current members of the CAS as well as other risk management professional should also find this material of interest."

Apr 1, 2003

ERM Infrastructure and Risk Intelligent Systems

Enterprise risk management (ERM) is the key to resolving some of the demands for more corporate transparency from investors. ERM is a process that changes how an organization identifies risks and manages those risks continuously. It helps to develop the steps and allocate resources to mitigate the organization's risks and provides reasonable assurance about the organization's ability to achieve its objectives.

Oct 1, 2000

Business Risk Management in Government

While risk management is well-established in the private sector, no generic risk management approaches are available for government entities. Due to potential pitfalls that exist in government practices, it is not feasible to simply apply private-sector risk management guidance directly to the public sector. Government risk management should focus on systemic risk in order to prevent the blame-shifting that is often present in the government sector.

Sep 1, 1997

Emergence of Chief Risk Officers

Discover how multinational organizations are adopting Chief Risk Officers (CROs) to manage the broadening dimensions of risk. Learn about the trends driving this change and the importance of integrated risk management frameworks in achieving business objectives.